Daniel Loeb Quotes
102 Daniel Loeb Quotes
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The hedge fund industry is littered with eunuchs trying to run hedge funds, and it’s not a business for eunuchs.
Daniel Loeb
[To an underperforming CEO] CVD [Chief value destroyer] Do what you do best. Retreat to your waterfront mansion in the Hamptons where you can play tennis and hobnob with your fellow socialites. [The CEO subsequently resigned from the company.]
Daniel Loeb
[In June 2004 to a Chairman/CEO he disagreed with.] Calling your second largest shareholder ‘sleazy’ is further evidence of your poor judgment and exemplifies the type of behavior that should provide you with ample opportunity to join your son-in-law on the golf course in the not too distant future.
Daniel Loeb
[To another hedge fund manager warning him not to poach employees.] Good luck extracting exorbitant management fees and generating mediocre returns with your bloated organization and ego.
Daniel Loeb
We’re not an activist fund.
Daniel Loeb
We’re a global event-driven fund with a long-short approach to investing.
Daniel Loeb
I think I have a knack for identifying mispriced asset classes.
Daniel Loeb
Where we do take an activist stance, I like to think of it as being interactive with management.
Daniel Loeb
Sometimes the best-performing things in your portfolio are the things that you’ve owned for a long time.
Daniel Loeb
Because of the research I had done and the relationships I had formed, I felt prepared to start my own fund, which was always my passion.
Daniel Loeb
[In May 2012] Third Point has over $1 billion invested in Yahoo! And we take no joy in witnessing this carnage.
Daniel Loeb
[In February 2008] The failure has a thousand fathers…
Daniel Loeb
[In February 2008] Our challenge as capital allocators is not to respond to headlines, but to seek opportunity in these obviously challenging times.
Daniel Loeb
[In February 2008] We must constantly ask ourselves: how much of the bad news is already priced into stocks?
Daniel Loeb
[In February 2008] To wait patiently for opportunities as they come our way.
Daniel Loeb
[In May 2008] It is important to remember that our mission at Third Point is both the generation of high risk adjusted rates of return and the preservation of wealth.
Daniel Loeb
[In May 2008] Assessing risk is a dynamic process and one we are constantly recalibrating.
Daniel Loeb
[In May 2008] In my judgment, the current economic and market environment has been a time to exercise prudence and to focus on preservation of wealth.
Daniel Loeb
[In May 2008 on Bear Stearns] The Bear was felled by its reckless use of leverage, lack of transparency and incompetence of its mortgage ‘traders’, its lack of management and lax oversight by its board.
Daniel Loeb
[In May 2008] Some of our biggest winners from 2007… were the source of our biggest losses.
Daniel Loeb
[In May 2008] I believe that our risk management, low leverage, conservative concentrations and winning short positions enabled us to preserve our capital and ‘live to fight another day.’
Daniel Loeb
[In July 2008] A chorus of ‘blame the shorts’ is generally an excellent indicator of significant underlying problems and certainly has never heralded a commitment to undertake a serious and sometimes painful repair of weakened companies or underlying financial systems.
Daniel Loeb
[In October 2008] This is a transitional time for the hedge fund business.
Daniel Loeb
[In October 2008] Those who used the legerdemain of leverage to lull investors (and themselves) into the belief that they could tease high ‘Sharpe Ratios’ and steady returns have been the first culled from the herd in the Darwinian process occurring in our industry.
Daniel Loeb
[In October 2008] The good news is that at the end of this excruciating process there will be considerably less capital and fewer players who employ our approach to event-driven investing to participate in the rebound.
Daniel Loeb
[In October 2008] I am genuinely excited by some of the situations we are currently seeing and by the coming opportunities that should be produced by the impending wave of defaults, bankruptcies and reorganizations.
Daniel Loeb
[In October 2008] We are particularly excited about the prospect of having liquidity and capital to invest in the coming distressed cycle.
Daniel Loeb
[In October 2008] We are in uncharted territory as a firm and as a nation. There has never been a deleveraging process of this magnitude. We cannot know how deep nor how long this recession will be.
Daniel Loeb
[In March 2009] Our frustration is even more acute because we had largely correct macroeconomic views, but failed to execute them effectively and timely enough in radically shifting markets.
Daniel Loeb
[In March 2009] Even as we made money shorting financials we missed opportunities to profit from the contagion effects felt in retail, auto and the broader economy.
Daniel Loeb
[In March 2009] In hindsight, one of our most fundamental mistakes was underestimating the speed with which the economy could deteriorate.
Daniel Loeb
[In March 2009] I have learned a very painful lesson about investing in less liquid positions. There are times in which the market rewards investments in less liquid situations with extraordinary returns.
Daniel Loeb
[In March 2009] In all, there is not much to be proud of from 2008… Mistakes were made, but lessons were learned.
Daniel Loeb
[In March 2009] Monetary and fiscal policy can address only issues of liquidity, not solvency.
Daniel Loeb
[In March 2009] What we have before us is an economic crisis caused by excess leverage in virtually every nook and cranny of the economy.
Daniel Loeb
[In March 2009] In my humble view, excessive debt got us into this crisis and only eliminating the debt will get us out of it.
Daniel Loeb
[In March 2009] The economy and world markets may be in economic chaos, but we at Third Point are very optimistic about the opportunities we are seeing in two primary areas: market neutral strategies and short selling.
Daniel Loeb
[In March 2009] We are not ‘permabears’ and recognize that stocks could rally well before we emerge from this economic quagmire.
Daniel Loeb
[In March 2009] After suffering through a year like 2008, the best thing to do is to stand up, take your lumps, and clear the portfolio of dead wood.
Daniel Loeb
[In April 2009] We are completely focused on our core areas of expertise: event-driven and special situations, short selling, high yield and distressed debt.
Daniel Loeb
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